IIFL Group’s early-stage investment vehicle – IIFL Fintech Fund – has invested an undisclosed amount in insurance-technology platform Insurance Samadhan, to acquire 16% stake in the startup. This is IIFL Fintech Fund’s tenth investment and first in an Insuretech company.
Insurance Samadhan is an online platform that deals with resolving insurance related complaints. Catering to customers from different backgrounds, the platform allows users to file a complaint for issues such as misselling, lapsed policy, policy rejection, fraud or claim rejection in life, health and general insurance. The total addressable market size is $12 billion. Their proprietary and industry-first algorithm auto selects the genuine complaints and claims on the basis of 80-100 parameters.
Mehekka Oberoi, Fund Manager at IIFL Fintech Fund said, “We are excited about this investment as the category is very niche and market opportunity is large. Not many players are operating in this segment and thus it’s a whitespace for Insurance Samadhaan to become a market leader. A large pie of $12bn opportunity can be seized by them. Unit economics are positive and the growth of the company over the last one year has been phenomenal”
Deepak Bhuvneshwari Uniyal, Co-Founder and CEO at Insurance Samadhan said, “Excited to have IIFL as the leading investor in Series A round. We already have started getting a lot of support from the IIFL team in building the business. This fund would primarily be used to build further tech and marketing.”
Uniyal added, “Since inception we have been focusing on the most complex problem which is insurance mis-selling and claim rejection. Our app “PoliFyx” would come up with new features. From the last leg of the insurance journey, we would be coming at the start of the insurance journey and would assist insurance policy holders in policy management and policy servicing.”